NovaSource Power Services and SunSystem Technology Announce Merger

SACRAMENTO, Calif. and AUSTIN, Texas, Jan. 26, 2021 /PRNewswire/ -- NovaSource Power Services ("NovaSource"), a portfolio company of Clairvest Group Inc. and Clairvest Equity Partners VI (together, "Clairvest") and SunSystem Technology, LLC ("SST"), leading providers of operations and maintenance ("O&M" services to the renewable energy industry, today announced the merger of the two companies. The merger is effective today and the companies will bring together operations in the coming months. Upon completion of the merger, the combined group will operate under NovaSource.

SunSystem and NovaSource will unify operations and field technicians of both companies, providing additional resources to partners, solar site owners, and portfolio owners alike. Operating in nine different countries, the joint global workforce will support ongoing field and operational services to residential, commercial, and utility PV systems, battery solutions, EV charging stations.

NovaSource, with the 550 combined field technicians, will be within a one-hour drive of 95% of the US solar infrastructure. With transportation time a primary cost driver, the decreased technician drivetime and increased strategic service coverage will provide partners unparalleled, cost-effective O&M services across the nation.

NovaSource is a recognized O&M leader in commercial, industrial, and utility scale solar projects and oversees some of the most sophisticated solar projects in the world. As an independent solar services provider, NovaSource's operating divisions provide high-level technical expertise to industry partners at all levels of asset ownership and operations. 

"Over the last 10 years SST has set the standard for the solar industry in servicing distributed generation, EV charging and storage systems. Their innovative and agile approach has created the clear market leader with significant scale and robust national coverage. Bringing the groups together, with Derek as the leader of NovaSource's Distributed Generation (DG) O&M, will provide asset owners with a highly differentiated and compelling service solution for their rapidly evolving needs," said Jack Bennett, CEO of NovaSource.

SunSystem Technology is the nation's leading distributed generation O&M provider, servicing residential portfolios, commercial system owners and asset managers, and EV charging station networks.

"I have a tremendous amount of respect for the Novasource team and their success managing the largest solar systems in the world. I look forward to working with the existing Novasource leadership to build the most trusted and innovative solar and storage O&M company in the world. The combined scale, coverage, and experience will bring tremendous value and capabilities to our existing and future customers," said Derek Chase, CEO of SunSystem Technology.

Clairvest recently announce their purchase agreement with First Solar to acquire their North American Operations and Maintenance business, which consists of over 200 additional O&M associates.

About NovaSource

NovaSource Power Services strives to be the premier, global O&M services provider for renewable energy assets, and to maintain a world-class culture of safety and integrity, while developing lasting partnerships with our customers and team members.  Founded in 2020, the NovaSource team has worked at the forefront of the renewables industry for more than 20 years and today manages over 3.5 GW of commercial, industrial and utility scale projects. As an independent, O&M-focused company, NovaSource is poised to offer even greater value in the design, maintenance, and management of our customer's projects.

About SunSystem Technology

As a solar operations and maintenance (O&M) and asset management company, SunSystem Technology has deep experience in post-installation PV services ensuring optimal financial performance of a single solar site or an entire portfolio of solar assets. SST has a complete understanding of technical factors within PV operations that influence positive financial performance. The standards of excellence that SST has established drive the company's performance as a leader of residential and commercial PV solar O&M services.

About Clairvest

Clairvest Group Inc. (TSX: CVG)

Clairvest's mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $2.4 billion of capital under management. Clairvest invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in owner-led businesses. Under the current management team, Clairvest has initiated investments in 52 different platform companies and generated top quartile performance over an extended period.

SOURCE NovaSource Power Services